Speedshop Automotive Limited - Accounts to registrar - small 17.1.1

REGISTERED NUMBER: 04671511 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31st December 2016

for

Speedshop Automotive Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J D Jebson

Mrs R Jebson

REGISTERED OFFICE:

Tandem Industrial Estate

Waterloo

Huddersfield

HD5 0AL

REGISTERED NUMBER:

04671511 (England and Wales)

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

5,418

2,264

5,418

2,264

CURRENT ASSETS

Stocks

2,191

3,730

Debtors

6

3,283

5,803

Cash at bank and in hand

9,489

15,464

14,963

24,997

CREDITORS

Amounts falling due within one year

7

12,463

25,121

NET CURRENT ASSETS/(LIABILITIES)

2,500

(124

)

TOTAL ASSETS LESS CURRENT LIABILITIES

7,918

2,140

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

6,918

1,140

SHAREHOLDERS' FUNDS

7,918

2,140

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2016.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31st December 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 8th June 2017 and were signed on its behalf by:

J D Jebson - Director

Mrs R Jebson - Director

1.	STATUTORY INFORMATION

Speedshop Automotive Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements for the year ended 31st December 2016 are the first financial statements that comply

with FRS 102 Section 1A "Small Entities". The date of transition is 1st July 2014.

In the transition to FRS 102 Section 1A "Small Entities" from UK GAAP, the company has made no

measurement and recognition adjustments.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

33.3% Straight Line Basis, 20% Straight Line Basis and 10% on Reducing Balance

Fixtures and fittings

-

25% on Reducing Balance

Computer equipment

-

25% on Reducing Balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instrument' and Section 12 'Other

Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statements of financial position when the company

becomes party to the contractual provisions of the instrument.

Basic financial instruments are recognised at amortised cost with changes recognised in the income statements.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease. Other operating leases are charged to the profit and loss account as the expenditure is

incurred.

The hire purchase interest charged to the Profit and Loss Account is calculated using the straight line method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2015 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st January 2016

and 31st December 2016

47,400

AMORTISATION

At 1st January 2016

and 31st December 2016

47,400

NET BOOK VALUE

At 31st December 2016

-

At 31st December 2015

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st January 2016

18,172

Additions

3,566

At 31st December 2016

21,738

DEPRECIATION

At 1st January 2016

15,908

Charge for year

412

At 31st December 2016

16,320

NET BOOK VALUE

At 31st December 2016

5,418

At 31st December 2015

2,264

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

Additions

1,851

At 31st December 2016

1,851

DEPRECIATION

Charge for year

31

At 31st December 2016

31

NET BOOK VALUE

At 31st December 2016

1,820

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade debtors

3,283

5,803

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Hire purchase contracts (see note 8)

2,001

-

Trade creditors

1,587

3,701

Taxation and social security

752

764

Other creditors

8,123

20,656

12,463

25,121

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.12.16

31.12.15

£

£

Net obligations repayable:

Within one year

2,001

-

Non-cancellable operating

leases

31.12.16

31.12.15

£

£

Between one and five years

20,400

30,600